1、 ? ? May?2019 ?|? TokenInsight?参割? ? TokenI 2 ? ?尤? ?劣?T+0?7x24?博?博 ?API?展?博?博?参? ?劣?劣? ? ?担?担?Hedge? Fund?博?对? ?担?TokenInsight? ?400?担?劣?200?担? ?参?博?博?博?担? ?担? ?担? ?担?名?担? ? TokenInsight?劣? ?功?担? ?TokenInsight?担? ?对?对? ? ?担? ?TokenInsight? ? ? Table of Contents 1?5 2? 2.1?6 2.2?8 2.3?劣?10 3? 3.1?展?

2、13 3.2?14 3.3?16 3.4?17 3.5?18 4?对? 4.1?20 4.2?21 4.3?22 4.4?对?23 4.5?对?24 5? 5.1?25 5.2?26 5.3?27 5.4?28 3 ? Table of Contents 6? 6.1?29 6.2?30 6.3?31 6.4?31 7? 7.1?32 7.2?33 7.3?34 7.4?展?34 ?35 ?37 ?38 ?38 4 5 01.? ? 1?博?劣?博? 博? 2?劣? 3?T+0?7x24?博?API?博?博?展? ?博? 4?博?博?参? ? 5?博?动?展? ?展? 6?博?导?博?名? ?

3、博?博?博? 博? 7?担?滑?劣?劣?担? ?滑? 8?担?2017?2018?担? 1,000BTC参割?100-300BTC? 9?BitMEx?OKEx?博?劣?担?博?属?Binance?Bitfinex? Huobi?博?对?博?博?BTC?担? ETH?EOS?担?参? 10?担?1020?担?担? ?担?70%?担?功?劣 ?担?功? 11?博?博?博?博? ?担?TokenInsight? ?担? 12?名?博?展? ?担?展? 6 02.? ? ?2-1?2018? ?Savills,?WGC,?CIA,?IIF,?CoinMarketCap,?WFE,TokenInsig

4、ht ? 2018?0.08%?博?6.4%? ?2-1?2018?失?5.97?2018? ?0.08%?参2019?4?12?2016?红对2015?红? ?9.96?25.07? 2.1? ?劣? ?2009?参?10? ?CoinMarketCap?2019?5?8? ?1,860?2,160?博?18,000?功? ?7%1? 1? 债券 33.26% 股票 12.00% 固定资产 39.38% 加密通证 0.08% 外汇 13.43% 黄金 1.85% 黄金 外汇 加密通证 固定资产 股票 债券 Cryptocurrency German?Bunds Dow?Jones(All?s

5、tocks) UK?Gilts Euro/yen Gold S&P?500(all?stocks) JGBs US?Agencies US$/sterling US?Treasuries 0$bn/day100$bn/day200$bn/day300$bn/day400$bn/day500$bn/day 485.0 469.0 378.0 215.0 124.7 112.5 79.2 32.0 23.3 19.0 7.2 ?2-2?2018?博?参对?博? ?glod.org,?TokenInsight 7 0 2,333 4,667 7,000 2013/12 2014/12 2015/12

6、 2016/12 2017/12 2018/12 2019/05 1858 1320 6159 179 7155103 ?2-3? ?CoinMarketCap,?TokenInsight ?2-3?2013?103?1,858? ?6?17?2017?58.8? ? 单位：亿美元 2018?对?博?72?博?6.4%? 8 2.2? ?博?博? ? ? ?/?博?对? ?参?/?/? ?参?劣?功博?属? ?博?博? ?TokenInsight?博?200?博?滑?2-4? ?滑?6?52功?/? ? ?博?T+0?7x24?博?博?2-5? ?博?博?参?博?博? ? ?2-4?博?滑?

7、?TokenInsight Happy New Year From TokenInsight! 大洋洲 7 亚洲 90北美洲 24 南美洲 8非洲 13 欧洲 70 ?2-5? ?博?博?/?博? ?24?1.45? ? ?9:00?11:30?割 ?1:30?3:00.?9:00? 2:00 4.36? ?9:30?16:005.3? A? ?9:30?11:30?13:00? 15:00 5.8? ?TokenInsight ? ?博? ?博? ?博? ?2-6?2016?4?2019?4? ?博?2%参? ?2%-5%?2.2? 5%-10%? 9 ?2-6?2016/4-2019/4?

8、 ?Wind,?TokenInsight BTC Gold S&P500 ?300 0%20%40%60%80%100% 0-2%2%-5%5%-10%10% ?割? 2.3?劣? ?劣? ?2-7?对?BTC?3?对? ?劣BTC?230%?79%? ?博? ? ?2-8?2016?担?1.9?143.5? ?75.5?劣? ?2-7?2016?4?11?2019?4?11? ?gold.org,?CoinMarketCap,?FRED?TokenInsight ? -100% 0% 100% 200% 300% ? 0%20%40%60%80% ? ? ?500? BTC 0 5,333

9、10,667 16,000 2016/01 2016/07 2017/01 2017/07 2018/01 2018/07 2019/01 2019/04 ?2-8?担?300+?担? ?Cryptofundresearch,?TokenInsight 10 11 ?展? ?2-9? ? ?展?割?展?展? ? ?参?展?展? ? ?2-9? ?Eurekahedge,?TokenInsight Bitcoin 100 FS CryptoFX 10 96 100 FS CryptoFX 40 8894100 FS CryptoFX 250 859194100 FS CryptoFX 300 9

10、61009693100 FS CryptoFX Agg 9600 S&P 500 (11)(11)(16)(15)(12)14100 US Dollar Index 232(5)2(1)(14)100 MSCI All World Index (3)(5)(9)(4)(5)1682 (43)100 US Agg Bond Index 812152013(4)(35)18(36)100 Risk Parity Index (7)(7)(8)(4)(7)1351(38)6915100 Comdty TR Index (10)(14)(16)(16)(15)(1)30(42)5

11、3(8)71100 US Treasury Index (7)12151813(5)(43)21(45)997(12)100 Gold (8)(3)(4)(1)(3)116(39)38 Oil (7)(10)(11)(10)(10)(4)20(32)31(12)4571(14)27100 BitcoinFS Crypto FX 10 FS Crypto FX 40 FS Crypto FX 250 FS Crypto FX 300 FS Crypto FX Agg S&P 500 US Dollar Index MSCI All World Index US Agg Bo

12、nd Index Risk Parity Index Comdt y TR Index US Treasur y Index GoldOil ? ? 12 ? ?博?劣? ?博?博? ?劣? 13 03.? ? ?博?博?博? ?劣?参?对? ?属?参?参? ?2? 3.1?展? ?T+0?7x24? ?T+0?7x24?博?博? ?参?博? ?博? ?博?属?参? ? API? ?博?博? ?2015?A?咨?博? ?博?匮?API?对? ?博?博? ? 2? 14 交易所价差 $-64 $-32 $0 $32 $64 $96 $128 $160 ? $0 $1,400 $2,800 $4,

13、200 $5,600 $7,000 2018/9/192018/11/112018/12/312019/2/192019/4/11 OKEx?BitMEX? ?3-1?BitMEX?OKEx? ?TokenInsight ? ?博?博?博?CoinMarketCap? ?博?200?博?18,000?功?博? ? 参?博?担?BitMEX?OKEx? ?3-1?BitMEX?OKEx?BTC? 3.2? ?10? ?3-2?2009?参?博? 2009?1?劣? ?博?2011?2015?博? ?博? ?博? 2015?参属?参?1CO? ?属?功? ?功?博?1CO? ?对?1CO?博? 1

14、5 2018?1?参属?1CO?割?博? ?参?名? ?担? ?3-2? ?博? ? 2009?1? 2011?11? ? ? ?博? ? ?博?担? ? 2011?11? 2015?8? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?博? 担? ?博? ?2015?8? ?1CO? ? ? ? ?属?80%参? ?功? ? ? ?名?担? ?TokenInsight 16 ? 3.3? ?3-3? ?TokenInsight 量化交易分类 交易方式 手动 自动化/半自动化 交易品种 现货 交易频率 策略类型统计套利传统型 期现 跨期 跨品种 跨交易所 期货 趋

15、势跟踪传统型 基本面 价量信息 技术指标 事件跟踪 机器学习 高频 中低频 ?博?博?博?博?参对咨? ?博?劣?劣?对博 ?API?博?博?担 ?咨?劣? ?博?担? ?名?参?担? ? 复合策略 ?3-4? ?Cryptofundresearch,?TokenInsight ? ?3-4?2013?参?博? ?博?博?参?发? 2014?-2016?博?博? ?博?API?对?博?参?博? ? 2017?2018?1CO? 博?担?博?博? ? 2018?1CO?割?博?CTA? ?博?担? ?展? 3.4? 17 0 3,000 6,000 9,000 2013/4/292014/2/2

16、32014/12/202015/10/162016/8/112017/6/72018/4/3 博?24?博? 2013? ? ? ? ?发? ? 2014?-2016? ? ? ?API?对? ? 2017?2018?1CO? ? ? ? ? 2018?1CO? ?CTA? ? ? ? ?展? 单位：十亿美元 3.5? 18 ?3-5?担?&?担? ?Bloomberg,?TokenInsight ? ?PoS? ?博?博? ?导?博?名? ?博?博?匮? ?3-5?担? ?担?1.63?担? ?担?1.11? 0% 13% 27% 40% 0%5.5%11%16.5%22% ? ? ? ?

17、? Arbitrage Fixed? Income Multi Long-Short CTA Even-Driven 波动率 收益率 ? ?博? ?博? ?对咨? ?博?参漏? ?博?博?博?博? ?博?博?参?博?对属? ? ? ?名?名? ?参?博? ?博?博? ? 19 ? ?博?博?参? ?博?动? ?展?展?博? ?导?博?名?博? ?博?博?博? 20 04.? ?对? 4.1? ?劣?劣? ?担?TokenInsight?600?担 ?TokenInsight?担?200? ?担?参对?400?担?担? ?担?担?担? ?参? ?4-1?担?滑? ?TokenInsight US

18、A 372 China 212 UK 48 Canada 48 Russia 48 Japan 21 Korea 12 Australia 22 South Africa 3 Brazil 20 India 45 Saudi Arabia 2 Spain 6 Germany 14 Switzerland 28 Singapore 45 119 6 26 43 23 26 15 5 8 48 ?担?滑?劣?功? ?担?劣?担?滑? ?担?担?滑? ? ?4-3?滑? ?TokenInsight 2011?2016?担?2017?担? ?24.44%?2018?担? ?36.66%? 4.2? ?

19、2017?2018? ? 0% 8% 16% 24% 32% 40% 20001720182019/03 ?4-2?担? ?TokenInsight ?滑? 0% 10% 20% 30% 40% 50% 20019/03 ?担?担?TokenInsight? ?担?滑?担?展?2017?- 2018?滑?40.82%? 46.94%? 21 ?担?1,000功BTC?担?劣? 500-1,000BTC?33.33%?500BTC参割?27.78%?1,000-2,000BTC ?2,000-4,000BTC?16.67%?4,0

20、00BTC参? 5.56%? 4.3? ?1,000BTC 0%25%50%75%100% 4,000?BTC ?4-4? ?TokenInsight 0%20%40%60%80%100% 700?BTC ?4-5? ?TokenInsight ?担?担?TokenInsight? ?担?担?TokenInsight? ?300BTC参割?劣?100BTC? 27.27%?100-300BTC30.3%?劣?300-500BTC?500- 700BTC?9.09%?700BTC参?劣?24.24%? 22 ?咨?担?博?博?博?咨? ?博?BTC?ETH?劣BTC?担? ?ETH?咨?80%?

21、EOS?博?咨?咨?46.67%? ?担?对博?BCH?ETC?LTC?NEO参对XRP? ?4-7?博?咨? ?TokenInsight ?4-6?博?咨?滑? ?TokenInsight ?4-6?担?BitMEx?OKEx?博?劣?担? ?咨?28.21%?属?Binance?Bitfinex?Huobi?15.38%? 12.82%?10.26%?博?博?bitFlyer?FCoin?HitBTC参对 KuCoin? 4.4?对? ?劣? BitMEx OKEx Binance Bit?nex Huobi BitFlyer FCoin HitBTC KuCoin ? 0%6%12%18

22、%24%30% 1.28% 1.28% 1.28% 1.28% 10.26% 12.82% 15.38% 28.21% 28.21% BTC ETH EOS LTC BCH ETC NEO XRP Others ? 0%20%40%60%80%100% 5% 7% 7% 7% 13% 22% 47% 80% 100% ?担?担?TokenInsight? 23 4.5?对? ?72%? ?参? ?担?担?及?咨? ?参? ?USDT?担? ? ?4-8?72%?担?24%?担? ?4%?担? 4% 24% 72% 币本位计价 法币本位计价 法币/币本位计价 ?4-8?担? ?TokenInsi

23、ght 24 ? ?担?滑?劣?劣? 担?滑?担?2017?2018? ?BitMEx?OKEx?博?劣?担?博?参 ? 25 05.? ? 5.1? ?5-1?担? ?担?担? ? ?担? ? ?担?1020?属?展 ?10?27.8%?30? ? ?参?参? 尤?C?及?动?博? ?5-1?担? ?TokenInsight ?担?担?TokenInsight? 26 ?5-2? ?TokenInsight 5.2? 担?担?名?TokenInsight? ?担?参割? ? ?对? ?担?担 ?75%?担?担?劣? 担?500BTC参?3-5?担? ? ?担?对?展? ?展?名? ?担?担?劣?40%? ?劣?担? 大于30人 12% 20人至30人 22% 10人至20人 38% 小于10人 28% 小于10人 10人至20人 20人至30人 大于30人 27 5.3? ?